Decision in Cleary Gottlieb Appeal before the U.S. Supreme Court: Gabelli v. SEC

In an appeal successfully argued by Lewis J. Liman of Cleary Gottlieb, the U.S. Supreme Court unanimously held on February 27, 2013 that the “discovery rule” does not apply to extend the five-year limitations period in 28 U.S.C. § 2462, the default statute of limitations for civil penalty actions. The Court’s opinion in Gabelli v. SEC reaffirms the importance of statutes of limitations and has implications for many substantive statutes that apply to a wide variety of businesses and individuals.